Federated Department Stores will sell its 48-store Lord & Taylor chain to NRDC Equity Partners for $1.195 billion.
“While Lord & Taylor does not fit with Federated’s strategic focus on building the nationwide Macy’s and Bloomingdale’s brands, it is a well-known niche specialty retailer with a great name,” said Federated CEO Terry Lundgren in a statement.
Meanwhile, Federated continues to convert its regional chains to the Macy’s name as it builds a national department store brand (Xtra, Aug. 3, 2005). In all, Federated owns 850 department stores in 45 states.
The Lord & Taylor deal is expected to close in the third quarter. Purchase, NY-based NRDC is a collaboration between Apollo Real Estate Advisors and National Realty & Development Corp.
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